Delhivery Stocks Gained 14%; Becomes BSE’s Top Mid-cap Gainer

Indian headline indices ended the session considerably higher with strong gains in BSE Information Technology, BSE Realty and BSE Oil & Gas sectors. The advance-decline ratio strongly remained in favour of advances, showing the strength of the broader markets.

Shares of Delhivery Ltd, the top BSE Midcap gainer, witnessed heavy buying interest and soared more than 14% to an intraday high of Rs 399.80 per share on the BSE. While shares trimmed their gains, they nevertheless ended the session more than 9% higher at Rs 382.40. In recent sessions, the stock has experienced a modest rally as the company stated in a press release that it had partnered with ‘Mystore’, an ONDC-powered marketplace for Indian sellers, to enable express parcel shipping for rural entrepreneurs nationwide.

ONDC (Open Network for Digital Commerce) is a government-led program in India that aims to build an open, secure, and interoperable network for digital commerce. Mystore’s e-commerce platform, through ONDC, is leveraging Delhivery’s enormous pan-India network of over 18,500 pin codes to provide rural entrepreneurs with affordable and reliable shipping.

Considering the company’s quarterly performance, on a consolidated basis, it reported a decline of 10.24% from Rs 2,071.76 crore registered in Q4FY22, recording total revenue of Rs 1,859.63 crore in Q4FY23. When the net earnings for the fourth quarter of FY23 were compared to the same quarter last year, the company’s net loss increased to Rs 158.67 crore.

Incorporated in 2011, Delhivery Limited is an Indian logistics and supply chain company that offers a broad variety of logistics services, including express parcel and heavy cargo delivery, freight services, warehousing, supply chain solutions, and cross-border express and supply chain software. The company also provides value-added services such as e-commerce return services, payment collecting and processing, installation and assembly services and fraud detection. In order to service more than 18,000 pin codes, the company has established a nationwide network with a presence in every state.

Keep a close eye on this stock for the upcoming sessions!